The global connected home security device market is projected to grow at a significant CAGR during the forecast period. The primary factors that enhance the global connected home security device industry growth include the increased adoption of these systems owing to the availability of technologically enhanced and advanced products, designed and manufactured by the key players. Integration of IoT and AI has encouraged the increased adoption of these devices for monitoring & tracking and hence has created ample opportunities for market growth.
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The high incidents of robberies increase the demand for enhanced security and safety solutions along with effective monitoring technology. The increased adoption of smart devices is also favoring market growth. Besides, the advent of cloud technology, in the solutions offer ubiquitous and collaborative advantages, which are encouraging the customers to buy such products. Furthermore, home insurance policies which include the installation of monitored security systems are strengthening the connected home security market growth. However, lack of awareness among peoples regarding these systems less developed and in developing regions is likely to hamper the growth of the market during the forecast period.
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Further, the key players are adopting various strategies to provide enhanced security devices and solutions to the customers. ABB Ltd., ADT Inc., Honeywell International, Inc., Johnson Control International PLC, ASSA ABLOY Group, AT&T Inc., Panasonic Corp., Robert Bosch GmbH., and Schneider Electric SE, are among the key players operating in the global connected home security device market.
In December 2019, Quantify Technology, one of the key players in providing intelligent buildings signed an agreement with Harvey Norman Commercial Division, and 3 Property Group, for the designing, manufacturing and supplying all the connected home solution for the future projects of the 3 Property Group for the next three years. The company also declared that these solutions will be marketed under the name 3Q Home Automation. The agreement is worth $170,000 and will aid Quantify Technology to leverage the large customer base.
Current Market Trends Covered in the market report:
- Rising advancements in the industry are positively affecting the connected home security device market growth during the forecast period
- Shifting of consumer preferences toward the use of technology integrated systems is expected to provide a growth rate to the connected home security devices market
- Asia-Pacific region will register a significant growth rate in the global connected home security devices market during the forecast period.
Global Connected Home Security Device Market – Segmentation
By Type
- Locks & Access Controls
- Alarms & Notification Systems
- Cameras & Monitoring Systems
- Others
By Connectivity Type
- Wi-Fi
- Bluetooth
- RFID/ NFC
- Others
Global Connected Home Security Device Market – Segmentation by Region
North America
- United States
- Canada
Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Rest of the World
- Middle East & Africa
- Latin America
Company Profiles
- ABB Ltd.
- ADT Inc.
- ASSA ABLOY Group
- AT & T Inc.
- Comcast Corp. (Xfinity)
- Godrej Group
- Honeywell International, Inc.
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